9 Foreign Exchange Facts
9 Foreign Exchange facts everyone should know before they start trading.
- The most valuable currency in the world
As of summer 2018, the most valuable foreign currency is the Kuwait Dinar. As it stand, 1KD = £2.58, and 1KD = $3.20. Of course, this rate is constantly fluctuating, especially given the current investment climate; however, the KD has remained on top for almost two consecutive years.
- How strong is the GBP?
The GBP is currently the 5th strongest foreign currency in the world…and is actually outperforming the USD; which currently stands as the 10th strongest.
- What is the weakest currency in the world?
On the flip side of the coin, the least valuable foreign currency belongs to the Indian Rial. 1 rial = $0.000023.
- What country has the biggest Forex trading market?
UK is home to the biggest Forex trading market in the world! 41% of all Forex transactions take place on British soil. That’s two times more than America!
- Which currency that is still used is the oldest?
On that British note, the British Pound Sterling is the oldest currency that is still in use – dating all the way back to 775.CE
- What was the worst currency inflation is history?
The world record for the worst currency inflation ever goes to…Zimbabwe! in 2008 their currency experienced an inflation of 89.7 Sextillion (1021) percent.
- How many dollars are traded everyday on the Forex market?
A crazy 5.3 trillion dollars are traded every single day on the Forex market.
- How many currencies are there in the world?
There are a total of 170 different currencies in the world.
- How many foreign exchange currencies include the USD?
The American dollar is pretty popular on the Forex market, as 90% of all foreign exchange transactions include the USD.
For more Forex support and guidance…get in touch with FX Career Swap